Oil firms lead FTSE 100 higher, Whitbread rallies

LONDON (MarketWatch) — U.K.’s benchmark stock index closed higher for a fifth straight day on Tuesday, as energy firms moved higher on the back of higher oil prices and HSBC Holdings PLC settled a money-laundering investigation.

“Given that this removes the “tail risk” of a much higher settlement—a risk candidly acknowledged by CEO Stuart Gulliver on the Q3 call last month—we see the news as marginally positive. We remain buyers,” Ian Gordon, analyst at Investec Securities, said in a note.

Also on the rise in London, shares of Polymetal International PLC gained 2.7%, after the miner said it would buy Ovoca Gold PLC for 775,0000 ordinary shares of Polymetal.

Other mining firms were also on the rise, with shares of BHP Billiton PLC up 1.6% and Rio Tinto PLC ( rising 1%. Most metals prices were, however, on the decline. See: Gold futures decline ahead of Fed

Shares of Tullow Oil PLC slumped more than 8%, after a disappointing update regarding an exploration well. In addition, the company announced it will buy Spring Energy Norway AS for $372.3 million and said it would begin to dispose of its exploration, development and production assets in the U.K. and Dutch Southern North Sea gas basin.

Oil firms lead FTSE 100 higher, Whitbread rallies

By Sara Sjolin

LONDON (MarketWatch) — U.K.’s benchmark stock index closed higher for a fifth straight day on Tuesday, as energy firms moved higher on the back of higher oil prices and HSBC Holdings PLC settled a money-laundering investigation.

“Given that this removes the “tail risk” of a much higher settlement—a risk candidly acknowledged by CEO Stuart Gulliver on the Q3 call last month—we see the news as marginally positive. We remain buyers,” Ian Gordon, analyst at Investec Securities, said in a note.

Also on the rise in London, shares of Polymetal International PLC gained 2.7%, after the miner said it would buy Ovoca Gold PLC for 775,0000 ordinary shares of Polymetal.

Other mining firms were also on the rise, with shares of BHP Billiton PLC up 1.6% and Rio Tinto PLC ( rising 1%. Most metals prices were, however, on the decline. See: Gold futures decline ahead of Fed

Shares of Tullow Oil PLC slumped more than 8%, after a disappointing update regarding an exploration well. In addition, the company announced it will buy Spring Energy Norway AS for $372.3 million and said it would begin to dispose of its exploration, development and production assets in the U.K. and Dutch Southern North Sea gas basin.